Bagir Group Ltd Trading Statement (1117N)
October 21 2016 - 1:00AM
UK Regulatory
TIDMBAGR
RNS Number : 1117N
Bagir Group Ltd
21 October 2016
21 October 2016
Bagir Group Ltd.
("Bagir" or the "Company")
Trading update
At the Extraordinary General Meeting to be held at 11am today,
Bagir (AIM: BAGR), a designer, creator and provider of innovative
tailoring, will make the following statement:
"2016 continues to be a successful year for Bagir. We are
trading in line with market expectations for this financial year
and we are making significant progress under our strategic plan to
maintain this momentum across the business into 2017 and
beyond.
The recent placing to raise GBP6.4 million, conditional on the
passing of the placing resolutions at today's EGM, is
transformative for the business as together with the agreement with
our lenders, it will clear the $21million of debt we have currently
outstanding and mark the start of the next chapter for the
Company.
We have set out a clear path for growing the business and we are
very focused on pursuing it. The main elements are:
o expanding our current customer base so as to reduce reliance
on any one individual customer by securing high volume sales orders
from the larger end of the US, EU and South African retail market
supported by a new pricing model;
o reinvesting in product development and innovation to support
the current suite of strong products;
o ensure optimum operational efficiency in line with the new
shape of the Company; and
o expanding operations at the Company's chosen production sites
in Egypt, Vietnam and Ethiopia maximising the potential for
customs/tariff free trade routes. The Ethiopian factory while still
in start-up phase, has not been affected by recent political events
in Ethiopia and there is no expectation that this will change.
We are again excited about the potential of the business. One
advantage of having been through the process of the last two years
is that we have had to review every aspect of the business without
exception and as a result, I believe the business is stronger and
leaner than it has ever been and arguably better positioned to
compete. We look forward to updating all shareholders on our
continued progress."
For further information, please contact:
Bagir Group Ltd. via Novella Communications
Eran Itzhak, Chief Executive on:
Officer +44 (0) 20 3151 7008
Udi Cohen, Chief Financial
Officer
Tessa Laws, Non-Executive
Chairman
N+1 Singer
Alex Price
Sandy Ritchie +44 (0) 20 7496 3000
Novella
Tim Robertson +44 (0) 20 3151 7008
Toby Andrews
This information is provided by RNS
The company news service from the London Stock Exchange
END
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